BCH May Have Sustained $1.3 Million+ Double Spend: BitMex Research

Published 3m ago via cryptoexpo.asia

FINEXPO via cryptoexpo.asia

Following its hard fork on May 15, bitcoin cash (BCH) appears to have experienced a two-block chain reorganization resulting in a 3,392 BCH (about $1.35 million at press time) double spend. Per the report, the recent BCH hard fork experienced three interrelated issues. Firstly, an apparent bug evidently exploited by an attacker right after the hard fork.

Miners attempting to produce blocks with said transactions were not able to, instead producing empty blocks. The empty blocks reportedly resulted in concern among miners who ‚Äúmay have tried to mine on the original non-hardfork chain, causing a consensus chainsplit.‚ÄĚ According to BitMex Research, ‚Äú[t]his failure may have resulted in a deliberate and coordinated 2 block chain re-organisation.‚ÄĚ.

The report claims:
‚ÄúBased on our calculations, around 3,392 BCH may have been successfully double spent in an orchestrated transaction reversal. ‚Äô‚ÄĚ
As BitMex Research reports, the above three issues during the hard fork resulted in 25 transactions (moving 3,392 BCH) not being included in the reorganized chain, which constitutes a double spend. As Cointelegraph reported at the time, the bitcoin SV (BSV) blockchain ‚ÄĒ the result of a previous BCH hard fork ‚ÄĒ struggled with its large block size following a series of block reorganizations in April.

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